First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) has announced a non-brokered private placement for gross proceeds of a minimum of $1 million to accommodate demand from an existing investor.
The offering is anticipated to consist of any combination of flow-through shares at a price of $0.50 per share and hard dollar units at a price of $0.50 per unit.
Each hard dollar unit will include one common share and one-half of one common share purchase warrant, with each whole warrant exercisable for one common share at $0.50 until December 2025, subject to an accelerated expiry date.
The proceeds from the hard dollar unit offering will be allocated to exploration and development activities, working capital, and general corporate purposes.
The offering should close on or about August 22.